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Over in America, employers have hired more than half a million new staff this month, a survey shows, as the US economy recovers from the pandemic.
The ADP National Employment Report shows that private payrolls increased by 517,000 jobs in March, the best reading in six months.
JUST IN: Private payrolls in March expanded at the fastest pace since September 2020 as anticipation of a strong economic rebound coupled with vaccination rates pushed companies to hire. Firms added 517,000 jobs, a healthy spike from the 176,000 in Feb. https://t.co/PCTXTBNHep
Hiring ramped up in March with ADP reporting that private firms added 517-thousand jobs, the strongest gain in six months. Pretty even distribution between large, medium and small sized businesses. Dow dipping into the red but the #NASDAQ +86
Boom: @ADP March employment report shows 517K jobs added to nonfarm payrolls, most since Sept. Leisure and hospitality (bars/restaurants) accounted for 169K of the positions recovered/added.
Related: US experts warn new Covid variants and states reopening may lead to fourth wave
“Job growth in the service sector significantly outpaced its recent monthly average, led with notable increase by the leisure and hospitality industry.
This sector has the most opportunity to improve as the economy continues to gradually reopen and the vaccine is made more widely available. We are continuing to keep a close watch on the hardest hit sectors but the groundwork is being laid for a further boost in the monthly pace of hiring in the months ahead.
The UK housing market has cooled off this month, as the boost from the stamp duty holiday fade.
Mortgage lender Nationwide has reported today that house prices dipped 0.2% month-on-month in March on a seasonally-adjusted basis, following a rise of 0.7% in February.
“Given that the wider economy and the labour market has performed better than expected in recent months, the slowdown in March probably reflects a softening of demand ahead of the original end of the stamp duty holiday before the Chancellor announced the extension in the Budget.
“Recent signs of economic resilience and the stimulus measures announced in the Budget, including the extension of the furlough scheme and the stamp duty holiday, as well as the introduction of a mortgage guarantee scheme, suggest that housing market activity is likely to remain buoyant over the next six months.